Published on 3/18/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.7 million phoenix autocallables linked to Vale
By Angela McDaniels
Tacoma, Wash., March 18 - Barclays Bank plc priced $1.7 million of phoenix autocallable notes due April 2, 2014 linked to the American Depository Shares of Vale SA, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at the rate of 15% per year if Vale ADSs close at or above the trigger price on the observation date for that quarter. Otherwise, no interest will be paid that quarter. The trigger price is 80% of the initial price.
The notes will be called at par plus the contingent coupon if the ADSs close at or above the initial price on a quarterly observation date.
If the notes are not called and Vale ADSs finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the decline in the ADS price.
Barclays is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | American Depositary Receipts of Vale SA (Symbol: VALE)
|
| Amount: | $1.7 million
|
| Maturity: | April 2, 2014
|
| Coupon: | Notes will pay contingent coupon at rate of 15% per year if Vale ADSs close at or above trigger price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If Vale ADSs finish at or above trigger price, par plus contingent coupon; otherwise, full exposure to decline in ADS price
|
| Call: | At par plus contingent coupon if Vale ADSs close at or above initial price on June 28, 2013, Sept. 30, 2013, Dec. 30, 2013 or March 28, 2014
|
| Initial share price: | $17.60
|
| Trigger price: | $14.08, 80% of initial share price
|
| Pricing date: | March 14
|
| Settlement date: | March 19
|
| Underwriter: | Barclays
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 06741TRB5
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